The federal deficit surpassed $1 trillion in the first 11 months of fiscal 2019, the Congressional Budget Office (CBO) said Monday.
The deficit presently stands at $1.068 trillion, though it is likely to be reduced in September as quarterly tax payments are paid.via The Hill.
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The federal government will rack up $12.2 trillion in deficits through 2029, according to a new projection from the nonpartisan Congressional Budget Office (CBO), an $809 billion increase from its last projection in May.
The CBO, Congress’s official budgeting scorekeeper, said that the deficits would average 4.7 percent of gross domestic product (GDP) through the next decade, a significant increase from the 2.9 percent average over the past 50 years.
via The Hill.
The Congressional Budget Office is predicting the federal budget deficit will reach $960 billion in the 2019 fiscal year and $1 trillion in 2020, higher than the figures previously released. The nonpartisan analysis agency had previously forecast a $896 billion deficit for 2019 and $892 billion gap for 2020. The news comes as President Trump confirmed Tuesday to reporters that he is considering more tax cuts, including a payroll tax cut, which would add to government debt.
via Daily Beast.
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Robert Reich makes some great points. He says the Republicans are blaming the deficit on Social Security and Medicare in order to the cut the programs.
via twitter.
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via twitter.
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via twitter.
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Republican senators this week urged President Donald Trump to go around Congress and cut taxes on investors, a move they say is necessary to bolster the economy ― but one that would also disproportionately benefit the wealthy.
In a letter sent to Treasury Secretary Steve Mnuchin on Monday, 22 GOP senators led by Ted Cruz of Texas urged the Trump administration to unilaterally change the tax treatment of capital gains, an idea that conservative anti-tax groups have long pushed for.
via Huffington Post.
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via twitter.
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Right-wing media is trying, though. Rush Limbaugh and others have tried the Dick Cheney refrain that “deficits don’t matter.” But Laura Ingraham tried to appear “balanced” against Trump on Monday night by chiding him for the deficit with guest Lindsey Graham.
“What is going on with this budget bill?” asked Ingraham, “You know, I had to hit the president on this.” “It’s okay,” said Lindsey.
Graham then insisted that the Pentagon was destroyed under Obama and that Trump has had to rebuild it. And then he says the quiet parts out loud:
“We’ve gotta fix entitlements. We’re in debt because we made promises we can’t keep to Medicare, Social Security, and Medicaid.”
via Crooks and Liars.
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